It was only after his flight landed in Toronto last year that Wet91裸聊视频檚uwet91裸聊视频檈n hereditary chief Na91裸聊视频橫oks learned that Royal Bank of Canada had cancelled its in-person annual general meeting with less than a day91裸聊视频檚 notice.
The bank cited COVID-19 as the reason it moved the event entirely online, but those assembled to protest the bank91裸聊视频檚 climate record were left wondering if there was more to it and Na91裸聊视频橫oks says he was insulted that executives weren91裸聊视频檛 willing to face him.
Undeterred, he is trying again this year. Na91裸聊视频橫oks will head to Saskatoon for the bank91裸聊视频檚 April 5 meeting, where he plans to share his concerns about its fossil fuel funding and encourage the assembled shareholders to support a resolution related to respecting Indigenous rights.
91裸聊视频淒ave McKay, he91裸聊视频檚 the CEO, but he has to listen to the people that do business with him,91裸聊视频� said Na91裸聊视频橫oks.
The resolution he91裸聊视频檚 pushing, put forth by the B.C. General Employees91裸聊视频� Union with the support of the Union of British Columbia Indian Chiefs, is just one of many Canada91裸聊视频檚 big banks face as climate activists increasingly look to shareholder proposals to shift corporate policy.
91裸聊视频淭hey91裸聊视频檙e a really important tool for investors to catalyze change,91裸聊视频� said Catherine McCall, executive director of the Canadian Coalition for Good Governance, which represents the interests of institutional investors.
91裸聊视频淭hey can introduce issues to management and the board that are important, and they can signal how important they are to investors.91裸聊视频�
RBC faced its first climate-related shareholder proposal in 2018, while this year it has five going to a vote. There are also three resolutions at Toronto-Dominion Bank going to a vote, two at Bank of Nova Scotia, and one each at Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada as activists increasingly focus on banks as key intermediaries in the climate fight.
91裸聊视频淭hey91裸聊视频檙e invested everywhere, and they lend everywhere,91裸聊视频� said Jennifer Story, associate director of climate advocacy at the Shareholder Association for Research & Education (Share).
91裸聊视频淪o they have a phenomenal ability to accelerate change on behalf of corporate issuers in Canada and elsewhere, if they choose to leverage it.91裸聊视频�
Share, on behalf of its institutional clients, has put forward a resolution for Scotiabank91裸聊视频檚 April 4 AGM looking for more detail on how the bank will be assessing the transition plans of its high-emission clients.
Scotiabank said in its proxy circular response that the proposal was 91裸聊视频渙verly onerous, prescriptive, and not aligned with industry practice,91裸聊视频� and that it was surprised to see it filed as it was in ongoing engagement about it.
It was only after talks stalled that Share decided to elevate the issue with a shareholder proposal, said Story.
91裸聊视频淚n essence the dialogue broke down, and we were disappointed in the lack of progress over almost a year and decided that this was the best route to take.91裸聊视频�
Those pushing resolutions emphasize that it91裸聊视频檚 not so much about a simple pass or fail on these votes (they are non-binding even if they pass), but more about allowing them to engage with other shareholders, a way to communicate and create dialogue around the issues.
91裸聊视频淭here are ripple effects that go on throughout the year after the dust has settled at the AGM, that91裸聊视频檚 not the end point,91裸聊视频� said Matt Price, director of corporate engagement at Investors for Paris Compliance, which filed a resolution at TD pushing for more details on how it will achieve its 2030 financed emissions targets.
The proposals do also give the option for major shareholders to make a statement, with even small percentages of support representing billions of dollars of investments, said Richard Brooks at Stand.earth.
91裸聊视频淭he resolutions are meant to send a message to management,91裸聊视频� said Brooks, head of the group91裸聊视频檚 climate finance program, which submitted a proposal calling for RBC to set a deadline for when it will stop funding new fossil fuel developments.
The message is getting louder, he said, as bigger shareholders step into the fray.
The Public Sector Pension Investment Board, which has $231 billion in assets under management, said on March 22 that it would be using its voting power to promote corporate practices that address climate change, and that it91裸聊视频檚 ready to vote against directors when boards fail to prepare.
And this year RBC also faces a proposal about setting absolute emission reduction targets from the New York City Comptroller, which oversees the city91裸聊视频檚 US$242 billion portfolio of pension funds.
91裸聊视频淎bsent a concrete plan to reduce absolute emissions in the real world in the near term, any net zero-plan rings hollow,91裸聊视频� said Comptroller Brad Lander in a statement announcing the proposal, while noting that BMO and numerous international banks have already set hard targets on emission reductions.
RBC said in its response, recommending shareholders vote against it, that while it recognizes the importance of reducing absolute emissions, only intensity-based ones are 91裸聊视频渁ppropriate at this point in the bank91裸聊视频檚 transition journey.91裸聊视频�
As with its response to Stand.earth91裸聊视频檚 proposal, RBC went on to note the need to continue to engage with clients in high emitting sectors, rather than simply reducing emissions by cutting off their funding, as part of an orderly transition.
91裸聊视频淭his is why RBC91裸聊视频檚 goal to achieve net-zero in our lending by 2050 is intended to balance the needs of people and planet.91裸聊视频�
For Na91裸聊视频橫oks, the bank91裸聊视频檚 talk is little more than greenwashing.
91裸聊视频淚t really bothers me when you read their statements of 91裸聊视频榖y 2050, we91裸聊视频檒l do this91裸聊视频�. You know how much damage is going to happen to this planet by 2050 if they continue the way they are?91裸聊视频� he said.
91裸聊视频淭hings have to happen now. We91裸聊视频檝e had decades to prepare, and make sure we91裸聊视频檙e not in the climate crisis we91裸聊视频檙e in, and it was all about money and they kept moving forward.91裸聊视频�
He91裸聊视频檒l be looking for allies within RBC investors for the resolution on how the bank assesses how well clients have implemented free, prior and informed consent of Indigenous peoples, as well as on climate action.
91裸聊视频淢oney talks; that91裸聊视频檚 the world right, that is their world,91裸聊视频� said Na91裸聊视频橫oks. 91裸聊视频淚t will be the shareholders and those who do business with RBC that will make the difference. That91裸聊视频檚 how it operates. So they just need to listen.91裸聊视频�
Companies in this story: (TSX:RY; TSX:TD; TSX:BNS; TSX:BMO)
Ian Bickis, The Canadian Press
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